Gold prices rise, oil volatile amid geopolitical tensions

LONDON

Oil fluctuated while the prices of precious metals surged yesterday as markets registered a mixed reaction to the U.S. capture of Venezuelan President Nicolas Maduro in a weekend raid.

The price of gold rose 1.9 percent at about $4,400 per ounce and silver jumped 5.7 percent.

Such assets are often considered safe havens in times of geopolitical turmoil.

“Investors are happy to own risk, but they want insurance in the drawer. This is confidence with a hedge, not euphoria,” Stephen Innes of SPI Asset Management said in a commentary.

Oil shifted between gains and losses after U.S. forces attacked Venezuela.

“While the capture of Venezuelan president Maduro by American forces has dominated headlines, financial markets seem unperturbed,” Thomas Mathews of Capital Economics said in a report. “We agree with the implicit view that the near-term economic and financial implications are minor.”

The first full week of business for 2026 will also see the release of key jobs data that could play a role in the Federal Reserve's decision-making on borrowing costs.

Investors will also be on the lookout for an idea about who U.S. President Donald Trump chooses to take the helm at the central bank when Jerome Powell steps down in May.

On the agenda are private reports on the status of the services sector, which is the largest part of the U.S. economy, along with consumer sentiment. Government reports on the job market will also be released. The hope is they'll help paint a clearer picture of how various parts of the U.S. economy closed out 2025 and where it might be headed in 2026.